STARTUP HEALTHCARE NUTS

Biotechnology refers to the large and growing array of scientific tools that use living cells and their molecules to make biological products for many different industries. Human and animal health care, agriculture, forestry, environment, and specialty chemicals are among the industries that have benefited most from biotechnology. The economic promise of biotechnology is extraordinary. At present a $60 billion sector worldwide, it is estimated to become a market of at least $120 billion annually within 10 years. Although this is a high-growth sector, moving a promising research discovery to market is a complex, costly and challenging undertaking. In this paper we have identified and addressed challenges that are unique to a biotechnology startup. The approach used to compile the information included a combination of interviews with Chicago-based bio-entrepreneurs and research using industry journals, business databases and newspaper articles. The challenges of starting a biotechnology company in the US include raising capital, building strategic partnerships, recruiting, motivating and retaining top scientific talent and compliance with regulatory bodies. Running a biotechnology company entail